Do you feel like debt is ruining your life and you want a light at the end of the tunnel? We can help you with getting your life back after chapter 13 bankruptcy.
Paying Off Debts In Full
A common question we get from our Chapter 13 clients here in our South Jersey office is, “Am I required to pay back all my debts in full? After all, Chapter 13 is a repayment plan.” It depends on what kind of debt it is. Some debts you’re required by federal law to pay back in full, while other debts can be paid for at pennies on the dollar. If you have any questions about what must be paid in full or what will be paid for pennies on the dollar, or if Chapter 13 bankruptcy is right for you, please call our office.
Credit Card Debt In Your Chapter 13 Repayment Plan
Credit card debt is a big concern for a lot of our clients here in our South Jersey office, and they want to know, “If I file for Chapter 13 bankruptcy in South Jersey, will my credit cards be included in that debt?” The answer is, yes, they can be included in your debt. You will pay either pennies on the dollar or nothing at all, in some cases, for your credit cards. If you have any questions about how credit cards play into your Chapter 13 bankruptcy, please contact our office.
Assets Protected In A Chapter 13 Bankruptcy
Many of our clients here in South Jersey ask, “What assets can be protected in a Chapter 13 bankruptcy?” The two biggest assets, and the ones that are usually on people’s minds and that they’re most concerned about are their home and their car. Those types of assets can be protected in a Chapter 13 bankruptcy. If you have any questions about how Chapter 13 can protect your assets, or if Chapter 13 is the right fit for you and your situation, please contact our office.
Missing A Chapter 13 Scheduled Payment
Another question we get from our Chapter 13 clients in our South Jersey office is, “If I miss a payment, what happens? After all, Chapter 13 bankruptcy is a repayment plan.” What happens when you miss a payment is the trustee will send you a warning letter. Remember, this is the person who is handling your payments every month to your creditors. They’ll give you a letter letting you know that you are behind, and they will give you the opportunity to remedy that. It’s important that you remedy that situation right away. If you have any more questions about Chapter 13 bankruptcy or what to do if you missed a payment, please contact our office.
Life After Chapter 13 Bankruptcy
Many of our Chapter 13 clients here in South Jersey want to know, “What is life like after Chapter 13 bankruptcy?” The answer is life will be easier because you’ll be able to better manage your monthly budget. You will have a monthly trustee payment that will be predictable and will be variable like it was when you were paying all those credit cards. You’ll actually be paying pennies on the dollar, which means you’ll probably have a little bit of extra money at the end of the month. The creditors will not be calling you. You will have the peace of mind of knowing that your home will not be foreclosed and that your car will not be repossessed.
When you need help getting your life back after chapter 13 bankruptcy, call our South Jersey bankruptcy lawyer to get the guidance you need.